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Post by jeffolie on Sept 25, 2007 10:01:48 GMT -6
Home Prices Post Biggest Drop in 16 Years From AP: Home Prices Post Biggest Drop in 16 Years The decline in U.S. home prices accelerated nationwide in July, posting the steepest drop in 16 years, according to the S&P/Case-Shiller home price index released Tuesday. Home prices have fallen by more every month since the beginning of the year. An index of 10 U.S. cities fell 4.5 percent in July from a year ago. That was the biggest drop since July 1991. "The further deceleration in prices is still apparent across the majority of regions," MacroMarkets LLC Chief Economist Robert Shiller said in a statement. biz.yahoo.com/ap/070925/home_price_index.html?.v=4
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Post by unlawflcombatnt on Sept 25, 2007 14:29:03 GMT -6
from www.briefing.com/Investor/Public/Calendars/EconomicReleases/exist.htm]Briefing.comAugust existing home sales were only 5.50 million -- a -4.3% decline from July. August is the 6th consecutive decline. There has been a -17% decline over the 1/2 year, which is a decline in sales of over 1 million homes. August Existing Home Sales are at a 5 year low. Sales are down -25% from the June 2005 peak. The inventory of Existing Homes for sale rose to a huge 10-month supply. Median prices are up 0.2% yoy. The average price is down -0.3% yoy. Briefing.com sums it up with the following statement: " Home resales reached a five year low in August after six monthly declines -- no evidence of any stabilization. The weak sales pace left an extraordinary 10.0 month supply of inventory -- a new cyclical high. Prices don't reflect the -25% decline since the record high in mid 2005 as median prices are just above the year ago level and average prices are just below.... Existing sales include condos/coops which make up about 1/8 of the total. The upturn will be slow as sub-prime foreclosures add to already bloated inventory...."
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